The Court of Appeal recently handed down its much-anticipated judgment on the mis-selling and London Inter-bank Offered Rate (Libor) manipulation test case earlier this month. While the appeal was dismissed in full, the Court of Appeal's decision has clarified a number of aspects of the law in this area – in particular, the circumstances in which an implied representation in respect of Libor would arise.
A liquidator recently pursued a claim that the transfer of a company's trading inventory in satisfaction of money owed to the company's former director was a transaction at an undervalue and preference. The judge agreed, holding that the inventory transfer had been entered into with the intention of putting the former director in a better position than she would have been in on the company's liquidation.
It is relatively rare for the English courts to overturn awards of arbitral tribunals. However, a recent decision of the Commercial Court did just that, setting aside a London Court of International Arbitration partial award made by a panel of three queen's counsel. The partial award was challenged on the basis that the arbitral tribunal had lacked substantive jurisdiction and the application had been made pursuant to Section 67 of the Arbitration Act 1996.
The Food Standards Agency recently announced that it has stopped products leaving sites run by Russell Hume, a major meat and poultry processing business, following "instances of serious non-compliance with food hygiene regulations". It has also required Russell Hume to withdraw existing products from the market. Incidents such as these raise a number of questions for food businesses and consumers about the safety and provenance of the food that they are buying.
The government has published its Good Work Plan in response to Matthew Taylor's review of modern working practices. While the response sets out the government's intention to proceed with nearly all of the review's recommendations, it lacks specific proposals and much of the detail will be subject to further consultation. Acknowledging that employment status in particular is a complex area, the government has put forward no firm proposals.
The claimants in a recent case applied to inspect certain documents created in foreign proceedings over which the defendants – companies belonging to the mining company Glencore – had asserted litigation privilege. Glencore controlled these proceedings but was not a party to them. It unsuccessfully argued that this was a permitted exception to the general principle that a party cannot claim litigation privilege out of proceedings to which it is not a party.
The courts have ruled that a successful tenderer which raises unreasonable objections to an application to vary a confidentiality ring in a public procurement dispute may be liable for the claimant's costs of the application, even though it's not a party to that dispute. The decision means that successful tenderers wanting to object to the use and adaptation of confidentiality rings in procurement challenges should consider carefully the extent to which they should raise objections.
National Grid recently published the provisional auction results for the 2017 T-4 Capacity Market Auction, with successful bidders having been provisionally awarded capacity agreements for delivery in 2021/22 at a price of £8.40 per kilowatt (kW) per year. The clearing price is significantly lower than that awarded in the 2016 Capacity Market Auction, where successful bidders were awarded capacity agreements at £22.50 per kW per year.
A recent judgment has provided an important clarification in relation to the issue of 'smash and grab' adjudications and will likely be welcomed by the construction industry. Contrary to previous judgments, the court held that it is possible for a paying party to adjudicate on the 'true value' of an interim application in circumstances where no payment or pay less notices were given and there has been a successful smash and grab adjudication.
The High Court recently struck out a claim by a liquidator who had already brought a claim arising from the same facts against the same defendants. The court relied on the fact that the economic benefit of pursuing the claim would accrue only to the liquidator and held that the second claim constituted an abuse of process, as monies recovered would simply be paid back to the respondents as creditors, less the liquidators fees and costs.
Income tax and national insurance contributions must be paid on all payments in lieu of notice from April 6 2018. The new rules emerged from a government consultation on the simplification of the tax treatment of termination payments. However, far from simplifying their taxation, the rules impose a complex administrative burden on employers and are likely to increase the costs to both employers and employees.
The Court of Appeal recently confirmed that a company was entitled to use and benefit from the EU cross-border merger regime for its corporate reorganisation, even though the only cross-border element was the inclusion of a single, dormant foreign entity solely to allow the otherwise domestic reorganisation to benefit from the cross-border rules. The court's purposive approach to the interpretation of the rules may be relevant in a broader context when determining the effectiveness of corporate actions.
The English High Court recently considered the correct approach to the redaction of documents in civil proceedings. The court held that the right to redact irrelevant material applies both to standard disclosure and the right to inspect documents referenced in statements of case. In the short term, this case confirms a party's ability to redact documents in order to protect commercially sensitive information. In the long term, the practice of redacting such information will likely be confirmed by way of an express rule.
The EU General Data Protection Regulation and the incoming Data Protection Bill (UK) will introduce a range of new liabilities into the data protection landscape. Data controllers have been warned of a corresponding increase in data protection claims under the new regulatory regime for some time. These warnings have largely focused on the level of fines and new data breach response requirements. However, the brewing perfect storm surrounding compensation claims should also be firmly on solicitors' radars.
The Court of Appeal has provided guidance as to what the words "fully operational and enforceable" in an agreement might mean in the context of a production sharing agreement in Kurdistan – in particular, whether such an agreement may be considered fully operational and enforceable without ratification by the Federal Government of Iraq. In doing so, the Court of Appeal ventured into an area that is hotly contested in Iraq.
How relevant are the Transfer of Undertakings (Protection of Employment) Regulations (TUPE) in the context of a share sale? A recent Employment Appeal Tribunal decision provides a reminder that TUPE can easily come into play when a buyer is considering what to do with its newly acquired subsidiary. In this case, the buyer's actions led to an unexpected TUPE transfer and a £3.5 million bill.
In a recent case, the Court of Appeal upheld a decision that the appellant bank had breached the Quincecare duty of care which it owed to its corporate customer by making payments without proper enquiry, in circumstances in which a reasonable banker would have been on notice that the customer's director was perpetrating a fraud.
The government Department of Business, Energy and Industrial Strategy recently published a consultation proposing amendments to its guidance for developers and operators of offshore renewable generating stations and transmission assets in respect of decommissioning programmes. The focus of the amendments is on providing greater clarity around the decommissioning cost estimates that developers must provide in their programmes and the financial security that they must provide.
At the request of the Department for Business, Energy and Industrial Strategy, the Investment Association has launched a public register of Financial Times Stock Exchange All-Share companies, showing occasions where these companies have experienced substantial shareholder dissent. The purpose of the register is to identify companies which receive a high vote against or withdraw a resolution and to understand the process used by those companies to identify and address their shareholders' concerns.
A liquidator recently applied for permission to amend his claim for fraudulent trading. The claim related to purported defrauding of Her Majesty's Revenue and Customs (HMRC) for non-payment of value added tax. Among other things, the judge held that whilst the costs order constituted loss to HMRC as a creditor, no valid claim in respect of costs was pleaded against the respondents and therefore there was no reasonably arguable case on the point.